New IRS Fed Tax Rates for 2024 (Patreon)

PS I am working on a new tax model to help you optimize tax deductions... stay tuned. 

The IRS on Thursday announced higher federal income tax brackets and standard deductions for 2024.

The agency has boosted the income thresholds for each bracket, applying to tax year 2024 for returns filed in 2025. For 2024, the top rate of 37% applies to individuals with taxable income above $609,350 and married couples filing jointly earning $731,200.

Federal income brackets show how much you’ll owe on each portion of your “taxable income,” calculated by subtracting the greater of the standard or itemized deductions from your adjusted gross income.